Newest Company To Integrate Blockchain For A Secured Identity Verification

We are all very concerned about safeguarding our personal information. Our personal information is the target of a lot of criminals. How do we ensure that our information is safe and secure?

There are a lot of people who fell into the trap of sharing their personal information to these fraudsters.

How do we combat this crime? What do we do to keep our personal information secure? Will Blockchain be the answer to put an end to these security concerns finally? Let us read what this company has done to provide a more secure identity verification.

SecureKey Taps IBM Blockchain for Digital Identity System Launch

Canadian startup SecureKey has revealed it will soon launch a blockchain-based system providing identity verification across the country.

Expected to go live in early 2018, the new digital identity platform utilizes IBM’s blockchain technology, enabling consumers to prove their identity using cellphones and Windows devices to governments, banks and telecom providers, said Greg Wolfond, CEO of SecureKey.

According to Bloomberg, Wolfond said the blockchain ID system enables consumers to control and share their personal information without going through centralized systems that create “honeypots” of valuable information that are vulnerable to hackers.

Wolfond added:

“This is transformational for identity. It makes it easier for me to prove it’s me and harder for the ‘bad guy’ to masquerade as me.”

Bloomberg said that Toronto-Dominion Bank, the Royal Bank of Canada, and a number of other major financial firms have invested $30 million Canadian dollars ($23.5 million) in the scheme.

The ID system was first announced back in in March 2017, where the company explained that the IBM Blockchain tech is built on top of the open-source Hyperledger Fabric v1.0 platform.

The new system “will help tackle the toughest challenges surrounding identity,” said Marie Wieck, general manager of IBM Blockchain, at the time.